Shares in China Evergrande sank 17 per cent after the latest effort by the world's most indebted property developer to shore up its balance sheet fell flat.
China’s largest developer said in a filing on Wednesday that it raised $555m from a share placement priced at a discount of 14.7 per cent to the stock’s last close — far short of its target of just over $1bn.
Andy Maynard, a Hong Kong-based trader at China Renaissance, said the placement was “testament to negative sentiment for the stock and potentially the sector”, adding: “Most share placements, follow-ons, secondaries, IPOs have gone well [this year]”.
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